How is it June already? It feels like it was just yesterday that we grabbed our beaded necklaces and eagerly headed down to New Orleans in May to attend Path to Purchase Institute’s (P2PI’s) Future Forward 2023 event.
P2PI’s Future Forward event is an annual conference that brings together industry leaders and professionals to discuss the latest trends, innovations, and strategies in the consumer packaged goods (CPG) industry. The event attracts a diverse group of attendees from a variety of backgrounds, including:
At this year’s Future Forward event, attendees had the opportunity to participate in educational sessions, networking events, and keynote speeches delivered by industry experts in the CPG field.
There was a wide array of topics covered at Future Forward 2023 which included shopper behavior and trend forecasting, the future of commerce via in-store experience, social commerce, metaverse and beyond!
A few agenda items to highlight from Future Forward 2023 include:
If you weren’t able to attend this year’s Future Forward event, or just can’t read your handwriting from your notes (we’ve all been there!), we’ve got you covered.
These are the top 5 takeaways from Future Forward 2023 that stood out to us:
The event highlighted the growing importance of digital in-store experiences, emphasizing that these innovative strategies are becoming a permanent part of the retail landscape.
Ari Peralta, neuroscientist and CEO of Arigami, presented 5 ways for brands and retailers to turn to neuroscience and technology to give them a competitive edge with design:
The trends above emphasize the convergence of in-store technology to enhance consumer experiences, creating immersive, interactive, and emotionally resonant brand interactions.
In P2PI’s blog post, “Future Forward: Amplifying Consumer Experiences,” Peralta highlights that incorporating multisensory cues in a store can increase shopper’s stay by up to 51%, while also noting that 52% of consumers have abandoned e-commerce sites due to poorly curated offerings.
One of many notable findings in the P2PI’s “Shopper Engagement with Retail Media” research report identified that 48% of shoppers say in-store audio encourages them to locate products in-store and consider purchasing — the same amount as with video ads and digital screens. To capture and maintain shoppers’ attention in the crowded retail landscape, brands MUST invest in efforts designed to maximize customer interaction.
With the evolving in-store environment, it is vital that navigating the shopping experience remain simple. With consumers desiring a simplified and straightforward shopping experience, retailers must focus on creating a smooth transition between onsite, offsite and in-store channels. Brands, too, must ensure that messaging is consistent and relevant to each individual shoppers’ journey.
Paul Brenner, SVP of Retail Media Strategy and Partnerships at Vibenomics, says that for the past several years, the retail landscape has evolved to become all about the customer experience. Technology helped elevate digital ecommerce – an evolution no doubt accelerated by the global health crisis. But nearly 95% of shoppers have returned to physical stores with an expectation that their in-store experiences will deliver as well as online shopping.
Brands want to shift their budgets to be more inclusive of Retail Media In-Store digital advertising strategies within their omnichannel campaigns – alongside traditional onsite and offsite tactics.
A significant majority of buying (92%) still occurs in-store, while only a small portion (8%) happens online. Brands can truly influence shoppers at the point of purchase with in-store tactics by creating compelling and interactive experiences that engage all the senses and leverage personalized promotions to drive conversion and brand loyalty.
Brands are adopting an omnichannel approach with single, unified campaign objectives. The focus is on seamless omnichannel buying experiences, integrating various channels rather than treating them separately.
The question we hear at Vibenomics is, “how do brands catch shoppers’ attention with ads and deliver a personalized experience similar to what’s available via online platforms?” Enter RMNs, providing omnichannel solutions to these challenges. Retailers can broadcast targeted audio advertisements in brick-and-mortar stores to promote products near the point of sale and in the aisles.
Data silos between onsite, offsite, and in-store channels were identified as a challenge in proving incrementality and, therefore, preventing effective omnichannel investment.
The pressure is on retailers to demonstrate the value and incrementality of Retail Media solutions by proving the effectiveness of omnichannel (onsite, offsite, and in-store) campaign strategies. The importance of breaking down these data silos to gain a comprehensive understanding of the customer journey was emphasized.
After an immersive and thought-provoking experience at Future Forward 2023, several key takeaways emerged that shed light on the evolution of the in-store experience, the importance of a simplified shopping journey, and the significance of brands transitioning to a true omnichannel approach with unified campaign objectives.
By understanding and implementing these top takeaways, retailers and brands can stay ahead of the curve, create meaningful connections with their customers, and establish a strong foundation for sustained growth in the years to come.
As one event ends, another one approaches! Don’t miss out on P2PI’s 2023 Retail Media Summit in Chicago this upcoming June. Attendees will gain invaluable insights into the latest trends, strategies, and technologies that are shaping the future of retail media. Mark your calendars and be sure to join Vibenomics at the 2023 Retail Media Summit as we explore the future of retail media together!
Path to Purchase Institute (P2PI) is a global association that provides insights, knowledge, and networking opportunities to consumer goods professionals involved in the path to purchase. They focus on helping businesses understand and optimize the consumer journey from the initial consideration of a product to the final purchase decision.
P2PI offers a variety of resources, including research reports, case studies, webinars, and events, to help their members stay up-to-date on industry trends and best practices. They also provide a platform for networking and collaboration among professionals in the consumer packaged goods (CPG) industry.
Vibenomics, a Mood Media Company, is the leading in-store digital advertising provider. Our platform provides a single, all-in-one retail media network, empowering retailers to digitize their on-premise experience and advertisers to connect with customers via display, audio and experiential channels.
Through a first-of-its-kind turnkey solution, this model delivers the ubiquity and revenue-generating capabilities needed to drive the next iteration of retail media. Ready to learn how Vibenomics can elevate your Retail Media strategy? Click here to engage with Vibenomics today!
The Trade Desk is first-to-market omnichannel DSP to support audio out-of-home through partnership with Vistar Media
Vistar Media, the leading global provider of programmatic technology for digital out-of-home (DOOH), today announced the extension of OpenRTB integrations to include audio-only out-of-home. The Trade Desk is the first omnichannel demand-side platform (DSP) to support this extension, allowing them to programmatically purchase audio inventory from networks such as Vibenomics.
An emerging category within the out-of-home media landscape, audio OOH allows brands to influence consumers with engaging messaging seamlessly blended into a retail environment.
“With the growth we’ve seen from both DOOH and Audio as separate emerging channels, it was the logical next step to expand our omni-channel offering into audio OOH,” said Maggie Mattingley, Senior Manager of Inventory Partnerships, The Trade Desk. “Through Vistar’s new audio capability, we continue to provide the best possible digital media available for advertisers and agencies to deliver a holistic digital advertising campaign.”
“Exposing our unique audio inventory to omnichannel DSPs such as The Trade Desk to transact against Audio Out-of-Home is a logical next step in the growth trajectory for our network and the industry at large,” said Paul Brenner, CSO and president of AOOH, Vibenomics. “The reach of our audio network combined with Vistar’s market-leading SSP capabilities helps the buy-side flex their programmatic spending, target specific market areas, provide brand support and measurement such as incremental lift and return on ad spend.”
For more information about Vistar, please direct inquiries to info@vistarmedia.com.
About Vistar Media:
Vistar Media is a geospatial technology company bridging the space between advertising ecosystems and consumer movement patterns. Founded in 2012, Vistar created the first and only universal marketplace for out-of-home media, building a programmatic platform that has been widely adopted by buyers and sellers. Vistar provides marketers with unprecedented access to consumers at the right place and right time, through a data agnostic system for analyzing consumer movement patterns and activating cross-screen mobile and out-of-home media. For more information, visit www.vistarmedia.com.
About Vibenomics:
Vibenomics, Inc. is a location-based Audio Out-of-Home™ advertising and experience company that powers audio channels for retailers, giving brands the ability to talk to shoppers directly at the point of sale. With its powerful cloud-based technology, licensed background music library, data integration capabilities, full-service team of audio experience experts, and network of on-demand professional voice talent, the company provides the right revenue-enhancing vibe for over 120 advertisers in more than 6,000 locations across 49 states, reaching over 200 million people.
Delivered through flexible plug-and-play, proprietary, IoT enabled media players, Vibenomics dynamically broadcasts hyper-targeted, on-demand audio advertisements and curated playlists within any combination of locations across its swiftly growing national footprint, unlocking a powerful new shopper marketing channel for reaching consumers during the critical final footsteps along the path to purchase. Through a first-of-its-kind partner program, retailers can receive a portion of revenue for all advertisements sold by Vibenomics that play within their locations, giving them the ability to monetize their private airwaves and transform a legacy expense into a new profit center.
Today’s shoppers have ever increasing access to new technology when it comes to how and where they spend their money. As such, businesses are finding that they have to change their strategies and adapt to this new environment. Part of that adaptation includes finding ways to merge their online, digital presence with their offline, brick and mortar shopping experience.
It is certainly worth the time and effort it takes to make that a reality. While the growth of online shopping is apparent, 40% of shoppers still make in-store purchases at least once a week. 60% want the immediate satisfaction and 65% want to avoid delivery fees. With that kind of foot traffic, businesses can blend that in-store experience with the online one.
By 2020, the customer experience will overtake price and product as the key brand differentiator. For businesses, that means creating a seamless experience as shoppers go from online to in-store. For customers, it can mean a better overall experience. By finding new and innovative ways to combine the on and offline experience, businesses are improving the customer journey, driving sales, engagement, and the Holy Grail—customer loyalty.
One often overlooked and underutilized (but impactful) way to create that seamless customer experience is with sound. The audio system in a store can be one of the best ways to merge the offline and online customer experience. Here’s how:
Providing a Unified Brand Sound
Most retailers know how important playing music in-store is to the happiness of their customers and employees. As a reminder, 72% of people who like music in-store say a shop playing music is more inviting, according to research conducted by VisionCritical. And, out of those shoppers who noticed in-store music, 40% will stay longer in a shop if they feel the music is well-chosen for the environment. Imagine if that in-store audio experience translates to online.
It’s also a way to continue to gather valuable information on customers if, in order to get the playlist, they have to provide an email address or other information. Who knew a customized in-store music experience could go so much further than just something pleasant to listen to?
On-Demand Audio Announcements
Businesses can also use on-demand audio announcements to remind shoppers of sales, events or special offers. By also using online channels to promote these offers, shoppers can feel a sense of consistency going from on to offline. If a retailer promotes an offer on their social media channels, reminding them of that offer through in-store announcements can have a two-fold impact. For those customers already following or engaging with the brand on social media, it will remind them to take advantage of the offer. As an added bonus, for some of those who haven’t yet engaged on social media, an in-store announcement may drive them to do just that.
For example, a retail store may have an offer running in their Instagram feed with a special code for a discount on a back-to-school outfit. Using in-store audio to remind shoppers of that offer can improve both the engagement with the offer and the engagement with that particular social media platform.
Drive App Adoption
If a business is looking for ways to increase adoption rates of their app, in-store audio announcements can be just the thing to see results. By downloading and engaging with a mobile app, customers are letting the brand into their most intimate space: their mobile device.
Merging apps that offer online pre-pay and pick up with successful loyalty programs can be very lucrative. Take Starbucks for example. Their app boasts approximately 19 million monthly active users. The app has been so successful that their mobile app sales account for nearly 30% of total sales at rush hour, with order ahead actually increasing wait times for regular customers. About 43% of customers interacting with companies through these programs do so on a weekly basis.
Using in-store audio announcements to remind shoppers of all the value the app provides can increase adoption, engagement, and subsequently, overall sales.
While it may be often overlooked, audio can provide the tipping point for many customers. It is an easy way to merge the digital with the physical, giving customers increased value from every angle.
Interested in learning more? Request a demo of Vibenomics today and learn how you can start dayparting your music and in-store announcements.
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